International organization participation: NC, NIB
Diplomatic representation in the US: none (self-governing
overseas administrative division of Denmark)
Diplomatic representation from the US: none (self-governing
overseas administrative division of Denmark)
Flag description: two equal horizontal bands of white (top) and red with a large disk slightly to the hoist side of center—the top half of the disk is red, the bottom half is white
Economy
Economy—overview: Greenland suffered negative economic growth in the early 1990s, but since 1993 the economy has improved. The Greenland Home Rule Government (GHRG) has pursued a light fiscal policy since the late 1980s which has helped create surpluses in the public budget and low inflation. Since 1990, Greenland has registered a foreign trade deficit following the closure of the last remaining lead and zinc mine in 1989. Greenland today is critically dependent on fishing and fish exports; the shrimp fishery is by far the largest income earner. Despite resumption of several interesting hydrocarbon and minerals exploration activities, it will take several years before production can materialize. Tourism is the only sector offering any near-term potential and even this is limited due to a short season and high costs. The public sector, including publicly owned enterprises and the municipalities, plays the dominant role in Greenland's economy. About half the government revenues come from grants from the Danish Government, an important supplement of GDP.
GDP: purchasing power parity—$945 million (1997 est.)
GDP—real growth rate: 0.6% (1997 est.)
GDP—per capita: purchasing power parity?$16,100 (1997 est.)
GDP—composition by sector: agriculture: NA% industry: NA% services: NA%